LONDON--(BUSINESS WIRE)--SpendEdge has been monitoring the global facilities management market and the market is poised to experience spend growth of more than USD 30 billion between 2018-2023 at a CAGR of nearly 14% during the forecast period. Request Free Sample Pages.
Read the 104-page research report with TOC and LOE on "The Global Facilities Management Market, Pricing Outlook in Geographies that include APAC, North America, South America, and MEA, and insights into best practices to optimize procurement spend.”
Factors such as the rapid adoption rate of web-based technological platforms, an increasing number of multinational projects, and the alliance between integrated facilities management (IFM) vendors and IT and telecom companies are credited for the increase in the spend growth rate in this market.
In the US, the gradual growth of the real-estate industry will pave the way for increased adoption of property management services, thereby supplementing the facilities management market spend growth in the US. Despite promising growth, the lack of a skilled workforce will have an indirect impact on facilities management procurement in this region.
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Insights into the market price trends
- The growing demand for customized services will be a major cost driver to impact pricing and ultimately facilities management procurement during the forecast period. Buyers prefer to collaborate with service providers who offer services within their industry. This will drive service providers to invest in training and development programs to train their employees to excel in the buyers' industry. This will drive price growth in the market.
- The increasing demand for healthcare facility management services is a top volume driver expected to impact pricing. The increase in demand for facilities management from the healthcare industry is attributed to factors such as the rise in the outsourcing of facility management services by hospitals and nursing homes among others to reduce the cost of operation.
Insights into strategies that will help buyers optimize their facilities management procurement spend
- To overcome increasing expenses within the market, data management and analytical capabilities of service providers will play fundamental roles in determining the demand and the subsequent facilities management procurement of a wide range of services. Partnering with such service providers will facilitate better maintenance planning, budget forecasting, and long-term category planning activities.
- Ensuring an uninterrupted service delivery is crucial for a buyer whose business is heavily reliant on the facilities management services. Any delay in delivery will result in production downtime leading to heavy financial losses. Following the lead of a reputed financial institution in the US, buyers are advised to effectively manage their supply chain and partner with other vendors to achieve supply assurance.
COVID-19 Impact Assessment and Market Insights
SpendEdge’s reports now include an in-depth complimentary analysis of the COVID-19 impact on procurement and latest market data to help your company overcome sourcing challenges. Our Facilities Management Procurement Market Intelligence Report offers actionable procurement intelligence insights, sourcing strategies, and action plans to mitigate risks arising out of the current pandemic situation. The insights offered by our reports will help procurement professionals streamline supply chain operations and gain insights in the best procurement practices to mitigate losses.
To stay on top of latest trends and supply market information, check out SpendEdge’s knowledge center on COVID-19 impact assessment.
The top facilities management service providers enlisted in this report
This facilities management procurement market intelligence report has enlisted the top service providers and their cost structures, SLA terms, best selection criteria, and negotiation strategies.
- Compass Group
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Some of the key topics covered in this report are:
- Facilities management market spend segmentation by region
- Facilities management supply market analysis
- Facilities management procurement best practices
- Regional spend opportunity for facilities management service providers
- Facilities management suppliers cost structure
- Total cost of ownership analysis in the facilities management market
- Facilities management suppliers pricing models analysis
- Category management objectives to promote an optimized facilities management procurement
- Cost saving opportunities in the facilities management market
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